Check these out. --> https://artistryintitanium.com/Titanium_Penlights.php
That prize is crazy...
The fact that it is "custom" doesn't justify the 650 price tag, some guy tries to get rich by selling titanium bodied fenix branded flashlights. :shakehead Titanium is pretty common these days, look at the price of the titanium quarks.
Custom titanium lights are rather expensive.
But when something like a Ti Preon exists, it's tough to justify going the custom route. Especially since it'll not only be cheaper, but brighter too. Certainly not as fancy. But the point is you can own a Ti penlight for much less. It'll be brighter. You don't have to wait for the custom artist to finish creating it. (Yes, I know about the one annoying issue with Ti Preon lights. But it's a minor one to me.)
The Preon is brighter, but the light output is not stabilized, but depends on the battery voltage.
Comparing price on a mass produced item and a custom light will always be in favor of the mass produced one, but some people prefer the custom.
Will I buy this light? No, but my favorite AAA light is a $200 custom light.